Oil and Industry

Banks taking only ‘superficial’ climate action, study reveals

Despite an explosion in green finance, banks have made only superficial changes to their lending practices, with fossil fuel funding going virtually unabated over the past years, according to a new report by Boston Common Asset Management released today (11 November).
Climate change 04-11-2019

Oil and gas majors must cut production by a third to meet climate targets: report

The world's largest oil and gas companies must cut combined production by 35% by 2040 if nations are the meet the collective ambitions of the Paris Agreement and limit global warming to below 2C, a new report from Carbon Tracker has found. EURACTIV's media partner edie.net reports.
Energy 28-10-2019

Russia’s Rosneft-led Arctic oil project requires $157 billion of investment

A ambitious new Arctic oil project led by Russia’s top oil producer Rosneft will require about 10 trillion roubles ($157 billion) of investment, Russia’s deputy energy minister Pavel Sorokin told reporters.
Climate change 24-10-2019

Oil and gas giants spent 250m on EU lobbying since 2010: green groups

The five biggest publicly listed oil and gas companies and trade groups representing them spent more than 250 million euros lobbying the European Union to influence climate action since 2014, environmental groups said Thursday (24 October).
Energy 17-09-2019

Saudi attack will jolt oil markets out of ‘complacency’ over Gulf tensions – analysts

The price of oil has seemed relatively immune to heightened tensions in the Gulf, but this weekend’s attack on Saudi oil facilities means markets will now be more skittish.
Climate change 09-09-2019

EU countries have ‘no concrete plans’ to phase out fossil fuel subsidies: report

Not a single EU member state has so far spelled out a comprehensive plan to phase out fossil fuel subsidies, despite a commitment taken at the G20 ten years ago to eliminate them, according to a fresh analysis of the bloc’s 28 National Energy and Climate Plans.
Energy 06-09-2019

Oil and gas companies risking $2.2trn in stranded assets during low-carbon transition, report warns

Since 2018, oil and gas companies have spent $50bn (€45.3bn) on investment projects that undermine the Paris Agreement, with a new report from think tank Carbon Tracker warning that major companies risk wasting $2.2trn (€1.9trn) on stranded assets by 2030. EURACTIV's media partner edie.net report.
Energy 28-08-2019

Ahead of heating season, EU gas tanks are full

With gas prices at a ten-year low, storage tanks are far fuller than average for this time of year. This may have political implications as lawmakers think about security of supply.
Energy 27-08-2019

How Europe’s war on plastics is affecting petrochemicals

With oil use in cars expected to peak in the mid-2020s, oil companies are seeking shelter in petrochemicals – and plastics – where demand is still going strong. However, even that notion is now being challenged because of a global plastics backlash led by Europe.
Energy 20-08-2019

No-deal Brexit set to cause disruption for UK oil refineries

Though UK fuel export tariffs are set to rise to 4.7%, import tariffs will be set at 0%. Oil refineries are warning this would put them at a competitive disadvantage.
Agrifood 14-08-2019

EU slaps anti-subsidy duties on Indonesian biodiesel

The European Commission on Tuesday (13 August) imposed countervailing duties of 8% to 18% on imports of subsidised biodiesel from Indonesia, saying the move aimed to restore a level playing field for European Union producers.
Agrifood 08-08-2019

EU opens antitrust investigation into PKN’s bid for rival Lotos

Polish oil refiner PKN Orlen's bid for rival Lotos may reduce competition in Poland and neighbouring countries and push up prices, EU antitrust regulators said on Wednesday (7 August) as they opened a full-scale investigation.
Shipping 18-07-2019

Oil tanker investments at risk from climate action, report says

Strong action on climate change would shrink demand for vessels by a third, impacting investment decisions being made now, analysts say. EURACTIV’s partner Climate Home News reports.
Energy 10-07-2019

Russia readies to ratify Paris Agreement, warns about renewables ‘absolutism’

The Russian government will submit legislation to ratify the Paris climate agreement by September, but president Vladimir Putin warned against the perils of “absolutist” renewable energy. EURACTIV's media partner Climate Home News reports.
Global Europe 05-07-2019

Iran condemns detention of oil supertanker in Gibraltar

Iran on Thursday (4 July) condemned the "illegal interception" of one of its oil tankers in Gibraltar where authorities said they suspected it was carrying crude to Syria in violation of EU sanctions.
Energy 01-07-2019

Brussels ministerial shows US still isolated on climate change

Ministers from China, Canada and the EU met for a third annual climate summit in Brussels on Friday (28 June), in a format meant to demonstrate that the world continues the climate fight even if America is retreating.
Energy 28-06-2019

Satellite data offers new hope for taming oil’s methane emissions

The release of methane emissions from drilling has been a beguiling problem for the oil and gas industry. But EU satellite data points toward a solution.
Energy 21-06-2019

EU ‘in full solidarity’ with Cyprus over Turkey drilling

The EU in the night to Friday (20 June) stepped up its rhetoric over Turkey's "illegal" drilling for oil and gas off Cyprus, raising the threat of sanctions if Ankara refuses to back down.
Energy 20-06-2019

A changing climate puts Europe’s energy sector at risk

Oil and gas infrastructure as well as electric power stations could suffer major failures in the coming years if they are not adapted to withstand extreme weather caused by climate change, EU officials have warned.
Energy 17-06-2019

Slumped economic growth will mean oil oversupply next year, IEA says

Slower oil demand growth in 2019 is expected to lead to a glut of oil next year, which could have significant impacts on energy prices in Europe.
Energy 14-06-2019

Pope Francis calls for ‘radical energy transition’ to stem global warming

Pope Francis said on Friday (14 June) that carbon pricing is “essential” to stem global warming – his clearest statement yet in support of penalising polluters – and appealed to climate change deniers to listen to science.
Energy 13-06-2019

Suspected attack on tankers shows volatility of oil markets

The price of crude oil, which has been languishing at five-month lows, jumped suddenly on Thursday (13 June) following unconfirmed reports of an attack on two oil tankers in the Gulf of Oman.
Plateforme pétrolière en mer Baltique, 2008. [Andrew/Flickr]
Energy 11-06-2019

UK-South Korea deal seeks to calm Brexit anxiety in oil markets

A UK-South Korea trade deal announced Monday (10 June) guarantees future exemption from oil tariffs following a spate of dry months without crude imports coming from Britain's North Sea fields.
Energy 04-06-2019

As America retreats on climate, China and Russia confirm commitments

The US president's gambit to make the Paris Agreement collapse failed. Now China and Russia are taking advantage of the power vacuum left by the US to shape the accord's rules - and show no signs of wavering on commitments.

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